St. Paul daily globe., 1887-10-02

architect and had the plans prepared for
fine building that he proposed to erect
Immediately on the lot All the details
of the purchase were agreed upon and
the contracts drawn up and prepared
ready for signature. On the morning
when the contract was to have been
closed by deposit. the proposed pur-
chaser asked for delay of a few days
and took the train to Minneapolis. From
that city he notified the agent with
whom he had been dealing that his ne
gotiationS were off, that he had made
other arrangements. The agent was in
dignant to be cut short in that manner,
but as there was no legal liability he
could do nothing and the architect was
paid in full for his services. The agent,
however, pursued the matter to ascer-
tain the cause of this sudden change,
and he learned that the bank that had
held the deposit of his customer in st.
Paul. through one of its leading officers,
had advised him that the investment
was not safe, and that he should beware
of st. Paul realty. The property that he
dad bargained for was about $500 per
front foot. To-day if it were in the mar
ket it would sell readily for S700 per
front foot. Being discouraged by the
banker, the man went to Minneapolis,
and after a few days examination into
the market he removed his deposits to a
bank i'll that city, and after fully in
forming himself he consulted with one
of the oldest bankers there as to the
safety of an investment in realty in that
city. He was assured that it was per-
fectly safe; that prices were conserva-
tive, and that he would undoubtedly
make large profits by buying property
offered to him and improving it. The
result was an immediate purchase and
the erection of one of the handSOmeSt
blocks built in Minneapolis. The same
party has invested. either of his own
capital OF that of his friends, cOnSidera-
bly, over half a million dollars in that
city.
This is the way" the agent said, sin which
some of the bankers of st. Paul discourage
investments here and drive capital to our SIS
ter city. Undoubtedly there are bankers here
who appreciate the safety of investments in
real estate and who do not hesitate occasion
ally, to buy and improve property them
selves, but there are others who for five years
past have continuously discouraged any in
vestment in real estate in ST. Paul, and to-day
are ready to do all they can to keep any de-
positor from putting his money into real
estate in this city. OF course, it is expected
that financial men will be prudent and care
full, and that they will give good advice to
those of their patrons who ask it. But we
real estate men allege that past experiences
ought to have taught these extremely conser-
vative gentlemen that in spite of all their
predictions, st. Paul has steadily grown, that
as compared with many ether cities where
properly is sold at higher figures it has a
greater present and prospective outlook; and
further, all of the real estate fraternity feel
that we are unfairly treated, when we are do
ing so much to encourage men Of enterprise
and energy to come here, that another class
of citizens should drive them away by giving
opinions freely on subjects in regard to which
they are not fully informed